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Financial Services Law Insights and Observations

Massachusetts Regulator Issues 43 Cease-And-Desist Orders to Mortgage Loan Originators in Violation of Massachusetts SAFE Act Law

State Issues

On August 9, the Massachusetts Division of Banks announced the issuance of 43 temporary cease-and-desist orders against licensed mortgage loan originators in Massachusetts for failing to meet requirements for licensure under Massachusetts’ Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) compliance law. Under the law, mortgage loan originators licensed after July 31, 2009 had until July 31, 2010 to meet the new licensing requirements, while mortgage loan originators licensed prior to July 31, 2009 must pass the required state and national test by October 31, 2010 and must submit fingerprints for a national criminal background check by December 31, 2010.